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this effect, any proceeds of the Bonds and any sums from time to time held in the Fund (or any <br />other City account which will be used to pay principal and interest to become due on the Bonds) <br />in excess of amounts which under the applicable federal arbitrage regulations may be invested <br />without regard as to yield shall not be invested in excess of the applicable yield restrictions <br />imposed by the arbitrage regulations on such investments after taking into account any <br />applicable "temporary periods" or "minor portion" made available under the federal arbitrage <br />regulations. In addition, the proceeds of the Bonds and money in the Fund shall not be invested <br />in obligations or deposits issued by, guaranteed by or insured by the United States or any agency <br />or instrumentality thereof if and to the extent that such investment would cause the Bonds to be <br />"federally guaranteed" within the meaning of Section 149(b) of the federal Internal Revenue <br />Code of 1986, as amended (the "Code "). <br />16. Tax Lev • Covera e Test Cancellation of Certain Tax Levies. To provide <br />moneys for payment of the principal and interest on the Bonds there is hereby levied upon all of <br />the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax <br />rolls and collected with and as part of other general property taxes in the City for the years and in <br />the amounts as follows: <br />4378245v1 <br />Years of Tax Levy Years of Tax Collection Amount <br />2014 -2024 <br />2015 -2025 See attached schedule <br />The tax levies are such that if collected in full they, together with sums held in the <br />Escrow Account, will produce at least five percent in excess of the amount needed to meet when <br />due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so <br />long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right <br />and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, <br />Section 475.61, Subdivision 3. <br />Upon payment of the Prior Bonds, the uncollected taxes levied in the Prior Resolution <br />authorizing the issuance of the Prior Bonds which are not needed to pay the Prior Bonds as a <br />result of the Refunding shall be canceled. <br />17. General Obligation Pledge. For the prompt and full payment of the principal of <br />and interest on the Bonds as the same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. If the balance in the Escrow <br />Account or Debt Service Account is ever insufficient to pay all principal and interest then due on <br />the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of <br />the City which are available for such purpose, and such other funds may be reimbursed without <br />interest from the Escrow Account or Debt Service Account when a sufficient balance is available <br />therein. <br />18. Securities; Escrow Agent. Securities purchased from moneys in the Escrow <br />Account shall be limited to securities set forth in Minnesota Statutes, Section 475.67, <br />Subdivision 8, and any amendments or supplements thereto. Securities purchased from the <br />Escrow Account shall be purchased simultaneously with the delivery of the Bonds. The City <br />